It Is Still Feasible To Buy Portland Foreclosures

Are you searching for a foreclosure in the Portland, Oregon area? It is still possible to find Portland foreclosures and now is the perfect time to purchase. The Pacific Northwest property market was hit very hard these last few years.

Just under 600,000 people call this home. They love the trendy life style and wet weather. It is a fantastic place to buy property. But for the few who were caught in the property down turn, it has been a challenging time.

Today many homes in the marketplace are short sales and foreclosures. They are keeping prices down. The majority of people hope the land market has hit bottom, but no one can say ,of course. Many men and women are still upside down in their mortgages. Put differently, they owe more then the home is worth. For people who do not need to move and can still make the payments, it is worthwhile to stay put. It could take time but someday the market will return and the house will be worth the amount they got it. For the individual who needs to relocate owing to a job transfer it is difficult to sell the home. That is the fact that new Portland foreclosures are still appearing on the market everyday.

For the buyer this is a good time to own a home for a reasonable price. Most realtors will be glad to show Portland foreclosures. They know the client will get a fantastic deal and most banks are easy to handle. Some homes are not quite in foreclosure. The customer is in a situation where they will have to let the home go back to the bank. The mortgage is more then the market price. These homes can be sold as short sales. The documents takes a little longer and the bank will make the ultimate decision if they are prepared to take a loss on the property. If they will, it is a fantastic deal for the buyer. Anybody who is looking at buying a Portland foreclosure should also think about a short sale. It is essential to remember that the short sale could take longer to close. The owner of the property will accept the offer and then it will go to the lender who holds the mortgage. Sometimes that requires a first and a second on the home. Short sales make excellent buys and most people feel it is worth the time and effort.

These are unclear times but most people who have had a foreclosure or a short sale will be able to repair the credit damage and go on to purchase another house. They should not forget that the future is going to be better and try to not remember the past. Portland foreclosures will soon be an issue of the day before and tomorrow will be a better day.